Softs in focus as bullish ICE Cotton posts 0.54% gain

Published: January 26 2023, 04:51 GMT+0

Softs in focus as bullish ICE Cotton posts 0.54% gain

After closing the previous trading day at $86.66, Cotton is up to $87.13 per pound, which makes for a move of 0.54%/47 cents today.

On the flip side, United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

Furthermore, the market is looking at projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. Having set a significant high of $154.89 8 months ago, ICE Cotton is trading 44.05% lower.

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